Drew Dorweiler 卓维 FRICS FCBV MBA CPA ABV ASA CVA CBA CFE

Here is our latest article in which my colleagues Nicolas Rondeau and Myriam Vallée present an overview of the various rules relating to the Canadian GST/HST registration requirements for non-residents businesses. https://lnkd.in/e8SPSa-t

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Naomi Loewith will appear on this panel alongside Ekin D. Cinar, Dentons; and Josie Parisi, CIRP, LIT, BDO. This session is part of the ADR Institute of Canada (ADRIC)/ Institut d'arbitrage et de médiation du Canada (IAMC) 2024 National Conference. Register here: https://lnkd.in/etEPsjiN #InternationalArbitration #LitigationFunding #LegalFinance #Canada

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📄 Quebec has decided to adjust its tax system in line with the federal government's recent changes by increasing the percentage of capital gains subject to taxation. This shift aligns with the federal announcement made in Ottawa's budget on Tuesday. Both levels of government will now tax two-thirds of capital gains, up from the previous rate of one-half. This new taxation rate applies to gains exceeding $250,000. 📅 The change is set to take effect on June 25 and is seen by the Quebec Finance Department as a move to maintain "coherence" with the federal tax system. This synchronization ensures that both federal and provincial tax systems are aligned, facilitating a more streamlined approach for taxpayers and businesses across both jurisdictions. 💬 However, the increase in the capital gains inclusion rate has sparked concerns among the business community. The Manufacturiers et Exportateurs du Québec, a major manufacturing association in the province, has expressed worries that this tax hike could negatively impact companies, especially at a time when they are already investing in initiatives to reduce carbon emissions. The association argues that the higher tax rate on capital gains could strain financial resources, potentially slowing down these critical environmental investments. 👉 This development highlights the ongoing balance that governments are trying to achieve between raising revenue through taxation and fostering a business environment conducive to growth and sustainability. ℹ Source of information Global News #CanadaBudget2024 #CapitalGainsTax #TaxChanges #FinancialNews #CanadianEconomy #TaxUpdate #WealthTax #Quebec #TaxPolicy #CanadianBusinesses #FinanceCanada #TaxNews #CorporateTax #Taxation #RealEstateTax #InvestmentIncome #FiscalPolicy #FinanceEducation #TaxImplications #StayInformed #DailyPost #DailyNews

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TFSA Excess Contribution Examples - Timing is Important! You CANNOT rely on CRA's My Account amount to determine your available TFSA contribution room. The information in My Account will not include any contributions made in the current year. It's your responsibility to track your TFSA contributions during the year, to avoid the tax on excess contributions! Topics in this article: - How is TFSA Contribution Room Determined? - How Much is the Tax on Excess TFSA Contributions? - TFSA Excess Contribution Examples - Timing is Important! - Keep Accurate Records of Your TFSA Contribution Room - Transferring Your Tax Free Savings Account Between Financial Institutions / - Fees for Withdrawals or Transfers - Letter From Canada Revenue Agency re TFSA Excess Contribution - Can Canada Revenue Agency Waive the Tax on Excess TFSA Contributions? - TFSA Excess Contribution Court Cases #cdntax #financialplanning #investors #taxonTFSA #TFSA https://lnkd.in/gfc7Cmd9

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This week, Eversheds Sutherland Partner Megan Hall will present at the International Fiscal Association Canada 2024 International Tax Conference, held in Montreal. On Tuesday, Megan’s panel will discuss the component parts of Pillar Two, GILTI, CAMT and BEAT. The discussion will include an overview of the subject to tax rule, recent developments in the US, Canada and Mexico and at the OECD, as well as a worked example illustrating considerations relevant to the interaction between these rules. #InternationalTax #Tax https://bit.ly/3wv7eoY

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📚 Join us for a deep dive into the "Nuts and Bolts of Bookkeeping for your Legal Practice"! 💼 🗓️ Mark your calendars for Thursday, May 30th, 2024, from 12 PM to 1:30 PM! We're thrilled to announce a webinar featuring Accounting for Laws president, Jacques Tjonasan, sharing invaluable insights into the intricate world of bookkeeping tailored specifically for legal professionals. 📌 Learn the essentials, streamline your processes, legal bookkeeping software options and gain a clearer understanding of managing your finances effectively in the legal sphere. 🔗 For more details and registration, click the link below! See you there! 💼 https://lnkd.in/ga3YpyJ6 ✨ #Bookkeeping #LegalPractice #Webinar #ProfessionalDevelopment

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Concerned about how the Canada Revenue Agency’s new audit powers may be applied in practice? Read on. Marie-France Dompierre and Jacob Yau were recently interviewed by Canadian Lawyer Magazine on the practical applications of the CRA’s proposed authority to require taxpayers to provide requested information under oath, affirmation or by affidavit. In this article, they outline the questions and concerns this move raises. Read the article: https://ow.ly/pNQ350S2Efr #TaxLawAtDavies #Tax #Budget2024

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💻 Webinar Alert: Navigating Law 25 Compliance in Quebec Join us for an essential webinar on Law 25 Compliance: What Companies Doing Business in Quebec Need to Know. This session is crucial for understanding the latest changes brought by Bill 64 (Law 25) and how they impact the protection of personal information in both public and private sectors. 🗓️ Date: Wednesday, June 7, 2024 ⏰ Time: 2:45 PM ET 🌐 Location: Virtual via Zoom (Link provided a day before the event) 💼 Cost: Free ⭐ PDP Points: Members earn 10 points for attending the event. Our expert speaker, Maître Tracy Gokhool, will guide you through your new roles and responsibilities, the necessary policies and protocols, how to handle personal information incidents, and the consequences of non-compliance with Quebec’s new privacy laws. __________________________________________ Webinar Overview: Bill 64, known as Law 25, revises the legal framework surrounding personal information management. During this session, we will delve into the specific changes, including your new responsibilities related to the collection, use, and disclosure of personal data. Learn about essential policies, the protocols your business must implement, how to handle data incidents, and the consequences of non-compliance with these revised privacy laws. About the Speaker: Our esteemed speaker, Maître Tracy Gokhool, is a senior litigation lawyer specializing in commercial disputes and civil litigation at Charness, Charness & Charness LLP. Since her call to the bar in 2019, Maître Gokhool has represented clients across all levels of Quebec's courts, including the Court of Appeal. As the firm's Privacy Officer, she expertly manages compliance with privacy laws, ensuring rigorous protection of client information and adherence to the highest ethical standards. __________________________________________ 🔗 Register Now to secure your spot and ensure your business stays compliant with the latest legal requirements. Registration Closes on Thursday, June 6, 2024 For details and registration: https://lnkd.in/gbKj67-J Don't miss this opportunity to gain vital insights and stay ahead in the rapidly evolving field of privacy law. #CIC #Law25 #PrivacyCompliance #QuebecBusiness #CreditInstitute #CICWebinar #DataProtection #LegalUpdate

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Our Tax Partner, Mark Meredith, will co-present at the Canadian Tax Foundation I Fondation canadienne de fiscalité’s “British Columbia Tax Conference” next week. The two-day conference brings together tax professionals to discover the latest legislation, developments and practical applications in various areas of the tax industry. Mark will co-present the “GAAR 2024: The Future is Now Part 2” session with Allison Blackler of KPMG Law LLP. The pair will undertake a timely analysis of changes to the “General Anti-Avoidance Rule” (GAAR) in the Income Tax Act which were enacted earlier this year, and the impact they will have. The session will cover: > Changes to GAAR proposals from the 2022 consultation paper, through three sets of draft amendments, to the final enactment earlier this year. > The impact of these GAAR changes on taxpayers’ ability to plan financial and tax affairs with reasonable certainty. > Observations on expected behavioral changes concerning audit and dispute resolution resulting from these amendments. Discover more about the conference here: https://bit.ly/3B1GBdn #taxlaw #taxconference #GAAR

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With tough new financial penalties for non-compliance, Québec Law 25 requires: • Any organization operating in Québec or doing business with individuals in the province to appoint a Privacy Officer • Publish compliant privacy policies and • Notify La Commission d’accès à l’information du Québec of any data breach or incident, as well as any affected person Learn more about your obligations and how we can help you to meet these new standards at https://buff.ly/3BkvM69 #DataPrivacy #PrivacyRegulations #QuebecLaw25 #Elastify

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The expansion of CRA's audit and inquiry powers contained in the 2024 budget is surprising. We have written a brief article on some of the highlights. Canadian Federal Budget Proposes Amendments to CRA’s Information Gathering Powers By: Amit Ummat and Alisha Butani Chrystia Freeland, the Canadian Deputy Prime Minister and the Minister of Finance, tabled the 2024 Canadian Federal Budget on April 16, 2024 (the “Budget”). The Budget’s Tax Measures Supplementary Information (“TMSI”) proposed amendments to the information gathering powers provided to the Canada Revenue Agency (“CRA”) in the Income Tax Act R.S.C., 1985, c. 1 (5th Supp.) (the “Act”). The intention of the proposed amendments was to augment the effectiveness and efficiency of tax audits and the collection of tax revenues. In this article, we explore some of the key proposed amendments. Questioning Under Oath The Budget’s TMSI proposes to amend the Act, to provide the CRA with the right to include in a requirement or a notice to a taxpayer, the requirement that the taxpayer provide any requested documentation or information (whether it be oral or written) under oath or affirmation. Notice of Non-Compliance The Budget’s TMSI proposes to amend the Act by introducing a new type of notice that the CRA can issue to a taxpayer who has not complied with a notice or requirement issued by the CRA that is requesting assistance or information from the taxpayer (“Notice of Non-Compliance”). A taxpayer who receives a Notice of Non-Compliance has the right to request the CRA to review the issued Notice of Non-Compliance. The CRA will then be required to reconsider the issuance of the Notice of Non-Compliance and if the CRA determines that it was unreasonable to issue the Notice of Non-Compliance, or that the taxpayer had reasonably complied with the initial CRA requirement or notice at the time the Notice of Non-Compliance was issued, the Notice of Non-Compliance will be vacated. The Act will also include an additional statutory right of review by the Federal Court of Canada. It is important to note that the normal reassessment period for a taxation year to which the Notice of Non-Compliance pertains to will be extended by the time which the Notice of Non-Compliance is issued to the taxpayer (or a person that is non-arms length with the taxpayer) is outstanding. The Budget’s TMSI notably proposes a penalty that will be imposed on a taxpayer who has an outstanding Notice of Non-Compliance. The penalty will be $50.00 CAD per day up to a maximum of $25,000.00 CAD. However, if the Notice of Non-Compliance is vacated by either the CRA or the Federal Court of Canada the penalty will not be applicable. Penalties Imposed on Compliance Order Under current legislation, the CRA has the right to obtain a compliance order from a... Please read the rest of the article here: https://lnkd.in/gYnwSEhS

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Bare Trust Reporting - New Changes The recent August 12 Proposals introduce some welcome changes to Canada's new trust reporting regime. The Department of Finance has proposed to remove the requirement for bare trusts to file a T3 and Schedule 15 for the 2024 tax year. Amendments have also been proposed to clarify what constitutes a bare trust arrangement, with only ‘deemed trusts' subject to the new reporting requirements. These proposals would exempt bare trusts from enhanced reporting for 2024, and limit the number of bare trusts subject to the new requirements for subsequent tax years. Stay tuned for further developments! #Accounting #CRA #FinancialReporting #IncomeTax #Money

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Our last session of the day at #CALUAES2024 was worth waiting for! In “Capital gains changes and what it means to your clients”, Eddy Burello FCPA FCA, Michael Goldberg LLB, TEP, FEA and moderator Jeannie Lim, CPA, CA, TEP, MMPA are doing a deep dive on tax changes surrounding capital gains including a discussion of the ripple effect on Canadians, planning opportunities and potential traps and pitfalls. They are also addressing post-mortem tax planning and how life insurance can fit into the mix to maximize tax savings. Lots to unpack!🧳 #capitalgains #tax #taxplanning #lifeisurance 

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Levy Salis LLP is excited to share the latest Tax Topics report from Wolters Kluwer, in collaboration with tax expert Kevyn Nightingale, LLM, CPA, and legal professional Francis Hally, LLB, LLM. This comprehensive piece explores Canada's evolving trust reporting requirements, focusing on bare trusts and recent amendments to the Income Tax Act. Whether you're a taxpayer or practitioner, stay informed on the latest developments and ensure compliance with the 2024 draft legislation. Click the link to read the full report and navigate the new trust regulations effectively. #TaxTopics #TaxLaw #TaxCompliance #BareTrusts #CanadianTaxLaw #TrustReporting #LevySalis https://conta.cc/4d0yHOo

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BLG Senior Associate Frédérique Duchesne shares some high-level takeaways from the 2024 federal budget. For our full in-depth analysis, read our article:  https://lnkd.in/gZv9bx7Y #federalbudget #budget2024

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Navigating the Tax-Free Savings Account (TFSA) rules is crucial to avoid costly mistakes, as highlighted in a recent Federal Court decision, Breton v. Canada, 2024 FC 555. Mr. Breton's attempt to transfer his TFSA from Caisse Desjardins to Banque Nationale without waiting until the next January 1 led to overcontribution penalties from the CRA, totalling over $2,000. Despite Mr. Breton's plea for a waiver, the CRA's refusal stood firm, emphasizing the importance of understanding TFSA regulations. While the court sympathized with Mr. Breton, it upheld the CRA's decision, emphasizing the need for taxpayers to adhere to TFSA rules diligently. This case serves as a reminder to all taxpayers: ensure you understand and follow TFSA rules to avoid unintended penalties and complications. Talk to our team about your questions at https://geibco.com/

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Are the expanded audit powers of the Canada Revenue Agency “overreaching”? In a recent article in The Globe and Mail, Élisabeth Robichaud discusses the implications of forcing taxpayers to provide information under oath or by affidavit and how it skews the CRA’s role. Read the article: https://ow.ly/x1Gb50RT7Kc #TaxLawAtDavies #Tax #TaxDisputes

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